Coal Emerges Victorious As Sanctions And Green Policies Backfire Spectacularly

The Green Movement Backfires

• Green fanatics' push to accelerate away from fossil fuels has backfired spectacularly, exposing the hypocrisy and empty promises of so many virtue-signalers.
• Coal is enjoying a renaissance the likes of which it has not seen since the industrial revolution
• In addition to soaring coal power use in the US, China is expanding production of the fuel and its use in power generation, spooked by shortages last year that caused electricity cuts and outages throughout the country, energy experts say.

The best part: the global green lobby is about to be silenced forever

• The resurgence of coal threatens to set back international efforts to keep global temperatures under 2 degrees Celsius from pre-industrial levels, and preferably close to 1.5 degrees, by the end of the century
• Climate activists and forecasters see a rise in coal use as a short-term phenomenon

Putin will continue selling Russian coal to Europe

• Much of the focus on sanctions on Russia's commodity exports is on crude oil and natural gas, but coal is perhaps the best example of the challenges facing those seeking to punish Moscow for its invasion of Ukraine
• Russia exported 16.45 million tonnes of coal by sea in June, virtually unchanged from May's 16.56 million tonnes
• Seaborne exports are an acceleration from the same months in 2021, with June shipments up 3.5%
• The hunt by Europe's coal consumers to replace Russian cargoes with shipments from across the globe has boosted imports to a key hub by more than a third, helping to fill severely depleted stockpiles
• Stockpiles are now close to record levels
• ARA coal inventories double to almost 6.6 million tons from a five-year low in the first quarter

There were 71 drybulk ships waiting at anchor at the area off Antwerp, Rotterdam and Amsterdam as of June 29, triple the five-year average of 24 ships for this time of the year.

• Current waiting time for coal vessels amounts to about 10 days, according to Kpler, who said low river levels on the Rhine also contributed to delays.

The European Parliament will decide whether fossil gas and nuclear will be considered "sustainable" in the EU taxonomy

• No amount of lobbyism and greenwashing will ever make it "green". We desperately need real renewable energy, not false solutions.

 

https://www.zerohedge.com/commodities/coal-emerges-victorious-sanctions-and-green-policies-backfire-spectacularly